That mining bitcoins is dumb, you can access the same potential reward (or loss) with normal speculation without having the money tied up in hardware - put another way, if the BTC market crashes, you have some small window of maybe getting out at 40 or 50 cents on the dollar, but if you spent all your money on asics you're stuck with a bunch of expensive, inexpensive space heaters.
BTW: This is absolutely NOT an arbitrage situation. Arbitrage is when you make 2 (or more) simultaneous transactions to take advantage of market inefficiencies.